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☆ Wall Street is worried about NYCB's loan losses and deposit levels as stock sinks below $4
▼ + stars: | 2024-03-01 | by ( Hugh Son | ) www.cnbc.com time to read: +3 min

Mike Segar | ReutersRegional lender New York Community Bank finds itself in an apparently worsening predicament just as the anniversary of last year's banking turmoil nears. "The disclosures add to our concern about NYCB's interest-only multi-family portfolio, which may require a long workout period unless interest rates decline." Days later, ratings agency Moody's cut the bank's credit ratings two notches to junk on concerns over the bank's risk management capabilities after the departure of NYCB's chief risk officer and chief audit executive. The bank's stock was briefly buoyed by a flurry of insider purchases indicating executives' confidence in the bank. Most of those deposits were insured, and it had ample resources to tap if uninsured deposits left the bank, it said.

Persons: Mike Segar, NYCB, Raymond James, Steve Moss, Moody's, Alessandro DiNello, DiNello, D.A, Davidson, Peter Winter Organizations: New York Community Bank, Reuters Regional, New, Community Bank, Silicon Valley Bank, Signature Bank Locations: Yonkers , New York, U.S, NYCB

☆ The fastest-growing hedge funds are now investing conglomerates. That's changing how investors judge the biggest firms.
▼ + stars: | 2024-02-29 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +7 min

The rise in multi-manager hedge funds over the past five years has forced allocators to create a separate due diligence model for the fastest-growing segment in the industry. Even an executive at a midsized multi-manager admits their firm and its peers are "more like corporations than hedge funds." AdvertisementA new type of hedge-fund kingsFounders were once simply the best traders and money-makers, spinning out of banks' trading desks and larger hedge funds. Bobby Jain, the former Millennium executive starting his own multi-billion hedge fund, hasn't traded in decades but was a part of the leadership team at one of the biggest hedge funds in the world. Jobs at multi-manager platforms are roughly a quarter of the industry's overall roles, despite these funds holding roughly 14% of the assets.

Persons: —, allocators, Griffin's, Izzy Englander's, Jack Springate, Allen Cheng, Cheng, Bobby Jain, hasn't, Michael Gelband, Dmitry Balyasny, Steve Cohen, Izzy Englander, Ajay, Kevin Lyons, Lyons, Springate Organizations: Service, Business, Fortune, Goldman Sachs Asset Management, Aon, Millennium, Treasury Locations: Schonfeld's

☆ Shares of NYCB fall 14% after bank discloses 'internal controls' issue, CEO change
▼ + stars: | 2024-02-29 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

The regional bank announced that Alessandro DiNello, its executive chairman, is taking on the roles of president and CEO, effective immediately. Shares of New York Community Bancorp fell 14% in extended trading Thursday after the regional lender announced a leadership change and disclosed issues with its internal controls. The bank also announced an amendment to its fourth quarter results, adding a disclosure about its internal risk management. The specter of loan losses reignited fears about the state of the commercial real estate market and regional banks more broadly. Several regional banks failed in 2023 after customers and investors became uneasy about the value of the debt on bank balance sheets, including Silicon Valley Bank.

Persons: Alessandro DiNello, NYCB, DiNello, we've, Marshall Lux, Hanif Dahya, Lux, JP Morgan Organizations: York Community Bank, New York Community Bancorp, Flagstar Bank, Moody's Investors Service, Chase Consumer Bank, JP, Silicon Valley Bank Locations: Brooklyn, New York City, Silicon

☆ Former New York cop charged with swindling investors in foreign exchange trading fund
▼ + stars: | 2024-02-28 | by ( Dan Mangan | ) www.cnbc.com time to read: +6 min

Peace's office said that as Rodriguez, who was arrested Wednesday, lost an increasing amount of money in trading in foreign exchange, he used money from new investors to pay prior investors their promised investment returns. Ex-cop Jason Rodriguez, 37, is accused of falsely promising investors in his fund, Technical Trading Team, that there would be guardrails to protect the trading risks for their money. That included a vow to never put a maximum of 1% of investors' funds at risk at any given time, the indictment says. A former New York City police officer was indicted for conspiracy to commit wire fraud after he allegedly lied to investors and lost most of the $4.8 million they put into his foreign exchange -focused investment fund, prosecutors said Wednesday. The suit says the defendants lost more than $3 million in trading forex on a leveraged basis, and "misappropriated participant funds for personal use."

Persons: Peace, cryptocurrency, Rodriguez, Attorney Breon, Jason Rodriguez, Benjamin Yaster, Edwin Carrion, Carrion, Danielle Hass, TTT, Defendants Organizations: Attorney, Eastern, of, U.S . Justice, Washington , D.C, Brooklyn U.S, Trading, New York Police Department, NYPD, Attorney's, U.S, Futures Trading Commission, Commodity, CFTC, Investments, CNBC PRO Locations: of New York, Washington ,, New York City, Bellerose , Queens, U.S, Brooklyn, Florida, Colombia, TTT

☆ Hot hedge fund trends collide at a new AI-powered multi-strategy fund
▼ + stars: | 2024-02-26 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +3 min

Ascendance Asset Management, founded by former AllianceBernstein investor Bob Kim, will be a multi-strategy hedge fund that plans to integrate artificial intelligence across the investing and risk management process, several sources familiar with the matter told Business Insider. Kim was the director of research at Visium and a portfolio manager for Izzy Englander's Millennium before working as the chief investment officer for AB's Arya fund, the multi-billion multi-strategy fund within the asset manager's alternatives business. AdvertisementThe firm also brought on a former executive from billionaire Stan Druckenmiller's hedge fund Duquesne, John Kovitch, to be its head of trading. The goal, sources told BI, is for each portfolio manager to have their own personalized AI agent helping them trade. These firms need people, especially investing talent, pushing up compensation and guaranteed payouts across the industry.

Persons: Bob Kim, Ascendance, Kim, Izzy Englander's, AB's Arya, Josh Adam, Adam, Steve, Goldman Sachs, Stan Druckenmiller's, John Kovitch, Bobby Jain's Jain Organizations: Service, Management, Industry, Business, SAC, Duquesne, Citadel Locations: New York, London, Asia, GLG

☆ Instead of taking your job, AI might be more like the best intern ever
▼ + stars: | 2024-02-24 | by ( Tim Paradis | ) www.businessinsider.com time to read: +5 min

Many workers have expressed fears that the technology will show up at the office like a young gun coming for their job. Williams expects some of the biggest gains from AI won't center on what companies and workers are doing now. Instead, he sees major wins coming from what workers aren't doing but that AI could. Filling in when help is scarceOne reason jobs sometimes aren't getting done is because there aren't always enough workers. If AI could be deployed to help with this work, the time the task takes might get cut in half, Holding said.

Persons: Heather Holding's, she'd, couldn't, let's, Ron Williams, Williams, that's, Jérôme Pesenti, Pesenti Organizations: AIs, Facebook

☆ Opinion: What the AT&T outage reveals
▼ + stars: | 2024-02-23 | by ( Opinion Bob Kolasky | ) edition.cnn.com time to read: +6 min

CNN —The news Thursday morning of the AT&T service outage — affecting tens of thousands, if not hundreds of thousands of customers — was yet another reminder of the importance of critical infrastructure resilience. By a few minutes after 3 pm ET, about 11 hours after customers’ initial reports of the outage, AT&T said it had restored service to all affected customers. For communications, it can be conceptualized in two different ways: What is the scope and scale of the service outage and what are the cascading consequences of the outage? In a connected world, a widespread communications outage can have a contagion effect. Infrastructure outage incidents can’t be addressed by stove-piping information.

Persons: Bob Kolasky, —, it’s Organizations: Infrastructure Security, Risk Management, CNN, Bob Kolasky Department of Homeland, Federal Communications Commission, White, Communications, AT, Rogers Communications, Chinese Communist Party, Telecommunications, Carnegie Endowment, International Peace Locations: Exiger, Canada, France, Paris, Puerto Rico, Southeast, Gulf

☆ Nvidia is all about risk management and exposure maintenance, says Tim Urbanowicz
▼ + stars: | 2024-02-21 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNvidia is all about risk management and exposure maintenance, says Tim UrbanowiczTim Urbanowicz, Head of Research and Investment Strategy at Innovator ETFs, gives his expectations for Nvidia's earnings report.

Persons: Tim Urbanowicz Tim Urbanowicz Organizations: Nvidia, Research, Investment

☆ This popular ETF trend is helping investors manage risk exposure
▼ + stars: | 2024-02-18 | by ( Anna Gleason | ) www.cnbc.com time to read: +1 min

While some investors are concerned that exchange-traded funds with options overlays could limit returns, experts see a key benefit at play. I think most notably within the active ETF space are portfolios that have options-embedded strategies within the portfolios," she said in the same interview. "Thinking about those 75% of ETFs that were launched last year, 70% were either active equity or equity derivative strategies." Morgan Stanley's Rochte sees more investors moving money out of popular fixed-income products and into risk assets as a result. "We're seeing some managers that will license the Nasdaq-100 index providing that tech exposure with options strategies on top."

Persons: Morgan Stanley's, Tony Rochte, —, CNBC's, Alison Doyle, Morgan Stanley's Rochte, Nasdaq's Doyle Organizations: Nasdaq, Big Locations: Big Tech

☆ The 'Magnificent 7' is a risk management group of stocks, says Trivariate Research CEO Adam Parker
▼ + stars: | 2024-02-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe 'Magnificent 7' is a risk management group of stocks, says Trivariate Research CEO Adam ParkerTrivariate Research CEO Adam Parker joins 'Closing Bell' to offer his playbook and top investor ideas.

Persons: Adam Parker Trivariate, Adam Parker

☆ The Evergrande collapse is not China's 'Lehman moment,' but it does complicate an economic recovery, think tank says
▼ + stars: | 2024-02-14 | by ( Aruni Soni | ) www.businessinsider.com time to read: +3 min

The Evergrande collapse is not China's 'Lehman moment,' but it does complicate an economic recovery, CFR expert said. "Unlike Lehman, Evergrande's insolvency is due to its excessive borrowing and aggressive use of leverage, not over-securitization." This has spurred on the question: is the Evergrande collapse China's "Lehman moment?" One famed hedge-fund boss said China's property crash was like the Great Financial Crisis from 2008 "on steroids." "Unlike Lehman, Evergrande's insolvency is due to its excessive borrowing and aggressive use of leverage, not over-securitization."

Persons: Lehman, —, Evergrande, Zoe Liu, Liu Organizations: Service, of Foreign Relations, Lehman Brothers Locations: Hong Kong

☆ How to fight dementia, according to neurologists
▼ + stars: | 2024-02-12 | by ( Sandee Lamotte | ) edition.cnn.com time to read: +17 min

What about diabetes, cancer, thyroid disease, high blood pressure or heart disease? Some of the questions might seem unexpected to those who don’t write about brain health. However, my risk of developing vascular dementia, the second most common type after Alzheimer’s disease, is elevated. "Such spikes cause brain inflammation, disrupt brain metabolism and increase shrinkage of the thinking part of the brain," Isaacson said. The National Institute on Aging currently supports nearly 500 active clinical trials on Alzheimer’s disease and related dementias.

Persons: Louise Dittner, Krysta, Ryan LaMotte, It’s, ”, Natalia Rost, “, Rost, ” Rost, Richard Isaacson, ” Isaacson, mockingbird …, birthed, it’s, I’ve, Isaacson, Sandee LaMotte Organizations: CNN, Comprehensive, Massachusetts General Hospital, Harvard Medical School, American Academy of Neurology, Boca Raton, Weill Cornell Medicine, Presbyterian, Mayo Clinic, Volunteers, Alzheimer’s, National Institute on Aging, National Institutes of Health Locations: Massachusetts, Boston, neonatologists, Florida, United, New York, New York City, Nature

☆ BlackRock is shaking up leadership of its influential consulting business
▼ + stars: | 2024-02-09 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +3 min

Read previewThe two executives who have ran BlackRock's influential consulting business since 2020 are each being promoted to new roles at the asset manager, a spokesperson told Business Insider, as BlackRock makes sweeping changes to its leadership ranks across divisions. The firm is naming Brandon Hall as the firm's deputy chief operating officer, reporting to Rob Goldstein, BlackRock's chief operating officer and a prominent leader at the company. He replaces Stacey Mullin, who had held the role since 2022 and was recently named chief of staff to BlackRock Chief Executive Larry Fink. He will report to Charles Hatami, who runs the group known as FSIG and heads up BlackRock's business in the Middle East. Martin Small, now the New York-based firm's chief financial officer, had previously held roles in FMA.

Persons: —, Brandon Hall, Rob Goldstein, Stacey Mullin, Larry Fink, Ben Leax, Charles Hatami, FMA, Goldstein, Martin Small, Hatami, Mark Wiedman, Fink, Mark Erickson, Mark Azzopardi Organizations: Service, BlackRock, Business, Financial, Hall, BI, Federal Reserve Bank of New Locations: New York, FMA, Federal Reserve Bank of New York

☆ Stocks making the biggest moves premarket: Disney, PayPal, Arm and more
▼ + stars: | 2024-02-08 | by ( Pia Singh | ) www.cnbc.com time to read: +4 min

Ralph Lauren reported earnings of $4.17 per share, excluding items, while analysts surveyed by FactSet expected earnings of $3.57 per share. The company, which is anticipating soft sales growth this year, also announced a $1 billion share buyback program. Arm Holdings — The chipmaker's stock soared more than 28% after it reported a fiscal third-quarter earnings beat . Apollo Global Management — Shares rose nearly 3% after the asset management company's fourth quarter earnings topped estimates. The company reported $32 billion of inflows during the quarter, pushing its total assets under management to $651 billion.

Persons: Ralph Lauren —, Ralph Lauren, Morgan Stanley, Ally, Mattel —, Barbie toymaker, LSEG, Moody's, NYCB, FactSet's, —, Jesse Pound, Tanaya Macheel, Lisa Kailai Han, Michelle Fox Theobald Organizations: —, Revenue, Mattel, PayPal, New York Community Bancorp, Arm Holdings, Apollo Global Management, American, American Express, Maersk —, Maersk Locations: Danish

☆ No PMs, no extra fees: Here's a look at former Point72 president's new 'alpha-capture' fund hoping to raise $1 billion
▼ + stars: | 2024-02-08 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewFormer Point72 president Doug Haynes is looking to revive a strategy he previously ran for billionaire Steve Cohen for his new fund launch. This story is available exclusively to Business Insider subscribers. Last year, billionaire Millennium founder Izzy Englander described it as a "talent bubble" while speaking at the Robin Hood conference. Business Insider previously reported that Haynes had hired people such as D1 Capital's former director of research Michael Lean to be a part of the new venture.

Persons: —, Doug Haynes, Steve Cohen, Haynes, Latitude's, Chris Coward, Izzy Englander, Robin Hood, Michael Lean, Cohen, Lauren Bonner, Bonner Organizations: Service, Business, Robin Locations: shuttering, Palm, Point72

☆ The inventor of the market's most famous recession indicator says 3 factors will ensure a coming downturn isn't too painful
▼ + stars: | 2024-02-07 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

The inverted yield curve means that a recession is still likely, the indicator's inventor wrote this week. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementThe inverted yield curve has been flashing red for 15 months, but don't think that ongoing economic strength makes it a false signal, Campbell Harvey wrote in a Research Affiliates note. "The yield curve indicator suggests growth will substantially slow in 2024. On the business side, past experience with the inverted yield curve has led entities to take preventive action when Treasury rates flip.

Persons: —, Campbell Harvey, Harvey Organizations: Service, Duke University, Federal Reserve, Fed

☆ NYCB's slide sparks fears of more banking and commercial real estate turmoil
▼ + stars: | 2024-02-07 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +5 min

The regional bank reported disappointing earnings, stoking fears of commercial real estate trouble. AdvertisementA smaller lender is facing a firesale of its stock fueled by concerns about its stability, echoing the regional-banking problems last year that stoked fears of a full-blown financial crisis and commercial real estate meltdown. AdvertisementThe increases hit the value of their fixed-income and commercial real estate portfolios. In particular, commercial real estate is under pressure from ongoing remote working, tighter credit availability as lenders have pulled back, and higher debt costs, all of which have weighed on asset values. Treasury Secretary Janet Yellen told lawmakers this week she expects the commercial real estate pressures to "put a loss of stress" on property owners, although she expected it to be manageable, Bloomberg reported.

Persons: stoking, —, stoked, NYCB, Banks, Moody's, Wall, Thomas Cangemi, pare, Janet Yellen Organizations: Community Bancorp, Service, New York Community Bancorp, Flagstar Bank, Signature Bank, Valley Bank, Silvergate, Bloomberg, Federal

☆ NYCB woes reignite fears about shaky banks as anniversary of March crisis nears
▼ + stars: | 2024-02-07 | by ( Hugh Son | ) www.cnbc.com time to read: +1 min

The New York Community Bank (NYCB) headquarters in Hicksville, New York, US, on Thursday, Feb. 1, 2024. Embattled lender New York Community Bank disclosed a litany of financial metrics in the past 24 hours in a bid to soothe skittish investors. But one of the most crucial resources for any bank appears to be in short supply for NYCB lately: confidence. The moves spurred a 6% jump Wednesday in NYCB shares, a small dent in the stock's more than 50% decline since the bank reported fourth-quarter results last week. The sudden decline in NYCB, previously deemed one of last year's winners after acquiring the assets of Signature Bank, reignited fears over the state of medium-sized American banks.

Persons: Alessandro DiNello, Ben Emons, Moody's, NYCB Organizations: New York Community Bank, New, Community Bank, NewEdge, Signature Bank, Investors, Bank Locations: Hicksville , New York, NYCB, , New York

☆ Insurers such as State Farm and Allstate are leaving fire- and flood-prone areas. Home values could take a hit
▼ + stars: | 2024-02-05 | by ( Lindsey Jacobson | In | ) www.cnbc.com time to read: +3 min

What happens when a homeowner can't get insuranceDarlene Tucker and Tom PinterWithout insurance, many homeowners can find themselves in big financial trouble. Darlene Tucker, 66, and Tom Pinter, 68, are longtime homeowners in Sonora, California. Darlene Tucker and Tom Pinter's home in Sonora, California. Dogs play at Darlene Tucker and Tom Pinter's home in Sonora, California. Darlene Tucker and Tom Pinter

Persons: Darlene Tucker, Tom Pinter, Tucker, Pinter, Tom Pinter's, — that's, Porter, That's, Kevelighan Organizations: Allstate, CNBC, Insurance, homebuyers Experts, Insurance Information Institute Locations: Sonora , California, California

☆ India set to clock up to 8% GDP growth as it boosts manufacturing capacity, minister says
▼ + stars: | 2024-02-02 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +4 min

Workers assemble mobile phones at a Dixon Technologies factory in Noida, India, on Jan. 28, 2021. Bloomberg | Bloomberg | Getty ImagesIndia could clock up to 8% annual GDP growth for several years as it focuses on boosting its manufacturing capabilities, a key government minister told CNBC on Thursday. watch nowHe spoke extensively about the country's mobile manufacturing ecosystem, claiming that 99% of the phones used in India were made within the country. The country exported $11 billion mobile phones last year, and they are likely to rise to between $13 billion and $15 billion in 2024, Vaishnaw said. Apple 's presence in India has grown exponentially since it first started manufacturing in the country in 2017.

Persons: Vaishnaw, Narendra Modi's, Nirmala Sitharaman, CNBC's, Apple, OnePoll, Joe Biden, India's Modi, Narendra Modi, Modi, Mandel Ngan Organizations: Dixon Technologies, Bloomberg, Getty, CNBC, Union, Railways, Communications, Electronics, Technology, CNBC's Sri, Deloitte, India, Apple, Samsung, Micron, U.S, India's, White, Afp Locations: Noida, India, Delhi, Mumbai, Chennai, China, Washington ,

☆ Meet the JPMorgan executive emerging as a dark horse to succeed Jamie Dimon
▼ + stars: | 2024-01-31 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +9 min

Read previewA longtime JPMorgan executive who has kept a low public profile while cultivating a reputation as a successful trader with a talent for managing risk is emerging as a contender to succeed Jamie Dimon as chief executive. His new position through the internal shuffle has vaulted him more publicly and prominently into the most closely watched succession race on Wall Street. JPMorgan executive David Hudson told the publication that he returned to JPMorgan after working at Nomura in 2010 "to work for Troy." Rohrbaugh's other stops at JPMorgan have been head of global markets and head of macro markets. A senior JPMorgan executive who works with Rohrbaugh recalled that time during the pandemic.

Persons: —, Jamie Dimon, Dimon, Troy Rohrbaugh, Jennifer Piepszak, Wall, Marianne Lake, Rohrbaugh, Goldman Sachs, Euromoney, Eddie Wen, David Hudson, He's, Gary Gensler's, Goldman, Cantor Fitzgerald, Tim Soulas, Cantor, Johns Hopkins, you've, he'll, Kaja Whitehouse, Alex Morrell Organizations: Service, JPMorgan, Wall, Business, CIB, North America, Goldman, Nomura, Troy, Federal Reserve Bank of New, Global, Securities, Exchange, Banque Nationale, CooperNeff, Philadelphia Stock Exchange, World Trade Center, New York Daily News, Gilman School, Johns Hopkins University, Alpha Delta Phi, Baltimore Sun, Bloomberg Locations: Dimon, North, JPMorgan's, Canadian, Manhattan, Baltimore, Maryland, New York

☆ One of Goldman Sachs' top executives running investment banking and global markets is set to step down: Read the full memo
▼ + stars: | 2024-01-29 | by ( Reed Alexander | ) www.businessinsider.com time to read: +8 min

Jim Esposito, one of three co-heads of Goldman Sachs's powerful global banking and markets division, is set to step down. His previous roles include co-head of the global financing group, co-head of global markets, and global co-head of investment banking. Most recently, Jim played an important role in bringing together our Global Markets and Investment Banking franchises to form the Global Banking & Markets business. Jim's passion for our distinctive culture has also been reflected in his commitment to recruiting, developing and mentoring talented individuals around the world, including the next generation of leaders across Global Banking & Markets. Prior to assuming his current role, Jim was global co-head of the Global Markets Division and before that global co-head of the Investment Banking Division.

Persons: Jim Esposito, Goldman, Esposito, He's, David Solomon, Solomon, John Waldron, Waldron, Julian Salisbury, —, Salisbury's, Eric Lane, Gregg Lemkau, Goldman Sachs, Jim, Jenn, David Organizations: Business, Goldman, Wall Street, Business Insider, Bloomberg, Tiger Global, IB, Global Banking, Markets, Management, Investment Banking, Global Markets, Global Markets Division, Global, Group, Trustees, Corporation, Brown University, Advisors, Tuck School of Business, Dartmouth College

☆ From Goldman to Bridgewater, here's everything we know about how Wall Street is embracing AI
▼ + stars: | 2024-01-29 | by ( Bianca Chan | Michelle Abrego | ) www.businessinsider.com time to read: +5 min

Once ChatGPT hit the scene at the end of 2022, Wall Street ramped up its efforts in AI. Here is what we know about how Wall Street is embracing AI:AdvertisementBanks accelerated their AI research and use cases due to the rise of ChatGPTWe identified 17 of the top AI executives and technologists to know at the country's biggest banks. Large language models, the form of AI behind ChatGPT, could transform how Wall Street does business. As financial firms' AI strategies come into focus, they're hiring more technologists with specialized skills. For those who want to land an AI job on Wall Street, here's everything you need to know about how tech skills and roles are changing.

Persons: ChatGPT, —, Banks, Jamie Dimon, Dimon, Goldman Sachs, Marco Argenti, Dimitris Tsementzis, aren't, Bridgewater, Charlie Flanagan, Tim Mace, AllianceBernstein, Andrew Chin Organizations: JPMorgan, Man, Service, fintech, Deutsche Bank, fund's AIA, Management Locations: dealmaking, Swedish

CNN —Colombia declared a disaster situation on Thursday due to wildfires raging across several parts of the country, as the president warned the conditions could get worse. Colombia’s President Gustavo Petro declared a “situation of disaster and calamity,” telling reporters that funds previously approved for other purposes are being redirected to deal with the crisis. The government is also seeking international help, he said, adding that the United States, Chile, Peru and Canada, “which has enormous experience [fighting fires],” have responded to the call. Raul Arboleda/AFP/Getty ImagesAt least 25 active fires were reported on Thursday by the National Disaster Risk Management Unit. “We estimate that the phenomenon is composed of 70% fog and 30% smoke,” the Civil Aviation Authority of Colombia said on X.

Persons: Gustavo Petro, ”, Petro, he’s, El Niño, Raul Arboleda Organizations: CNN —, United Nations, European Union, Getty, National Disaster Risk Management Unit, Civil Aviation Authority Locations: CNN — Colombia, United States, Chile, Peru, Canada, Bogota, AFP, El Dorado, Colombia

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow cargo thieves are infiltrating U.S. supply chainsCargo thieves are stealing millions of dollars worth of goods every year. Strategic cargo theft is surging, where criminals engage in identity theft and internet-based fraud. CNBC visited supply chain risk management company Overhaul's Louisville, Kentucky, operations to get an inside look at how the industry is fighting back. Watch the video above to learn more.

Organizations: CNBC Locations: U.S, Louisville , Kentucky

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